A bullish momentum can be seen on the GBP/USD chart ahead of the US Federal Reserve's meeting scheduled for this thursday. We could expect some volatile hours before the press conference. In the daily chart, current strong resistance is located around the level of 1.5479l. The MACD indicator is still at the positive territory.
The intraday outlook shows bullish pattern formation above the support level of 1.5466 and the resistance level of 1.5516 should be broken in coming hours for another advance towards the zone around 1.5561. However, if a pullback happens at current levels, the pair will fall until the level of 1.5402.
Daily chart's resistance levels: 1.5479 / 1.5559
Daily chart's support levels: 1.5329 / 1.5181
H1 chart's resistance levels: 1.5516 / 1.5561
H1 chart's support levels: 1.5466 / 1.5402
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5516, take profit is at 1.5561, and stop loss is at 1.5472.
The material has been provided by InstaForex Company - www.instaforex.com